The piles of paperwork never seem to end. Your team spends hours manually organizing, sharing, approving, and managing documents instead of focusing on critical tasks that drive business results. Does this sound familiar? If yes, it’s time to fix your document workflow. Automating repetitive document-related tasks can free up countless hours for your teams.Â
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An intelligent document processing solution like Kudra analyzes unstructured data in documents and automatically extracts actionable information. Its user-friendly interface and seamless integrations make creating automated workflows effortless.Â
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In this post, we’ll discuss the critical importance of efficient document workflows and how Kudra’s AI-powered platform simplifies the process of building one. Let’s dive in. In this blog post, we will explore the game-changing potential of AI-powered data extraction solutions in revolutionizing how financial data is processed.Â
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We highlight the unique capabilities of Kudra, an innovative market leader in the intelligent document processing space committed to driving customer success through precision, speed, and ease of use. By the end, you will have a clearer picture of how technologies like Kudra can eliminate the drudgery of manual data extraction for good.
The Perils of Traditional Document Management
First, what exactly is a document workflow? It refers to the sequential steps involved in creating, reviewing, approving, distributing, and managing documents within an organization.Â
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For most companies, document workflows are still manual, disjointed, and tedious. Employees spend copious amounts of time searching for documents across systems, reconciling multiple file versions, consolidating feedback, and getting sign-offs.Â
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Without a streamlined process, critical information often falls through the cracks. Documents with sensitive data may be shared insecurely over email. Policy non-compliance can expose organizations to serious risks.Â
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Manual workflows simply cannot keep pace with today’s business environment where market changes happen at breakneck speed. Quick access to accurate documents is key to agility and fast decision-making.
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Traditional document management processes are no longer sustainable. They drain productivity, hamper growth, and frustrate employees.Â
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The solution lies in creating automated document workflows that simplify management, enhance security, and help teams work smarter. Â
Why Automated Document Workflow is Essential
Automating document workflows delivers tremendous value at multiple levels:
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1. Improves employee productivity
When manual paperwork is removed from people’s workloads, they can divert their attention to important business-driving activities. Streamlined information access helps them make decisions faster.
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2. Reduces costsÂ
Automation eliminates the need for manual data entry, which is expensive and error-prone. It also minimizes reliance on paper and printing, lowering overhead costs.
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3. Boosts data accuracy
AI-powered data extraction from documents is extremely precise. This minimizes human errors that creep in during manual processing.Â
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4. Enhances compliance
Automated workflows ensure documents follow standardized approval protocols before distribution. This reduces compliance breaches.
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5. Increases agilityÂ
With quick access to updated documents, teams can respond swiftly to new priorities as business needs shift.
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The benefits of creating automated document workflows are too significant to ignore. But how do you build one?
Crafting Automated Document Workflow: A Step-by-Step Guide
The first step is choosing an intelligent document processing solution that makes creating workflows simple for non-technical users. Kudra fits that need perfectly.
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Kudra provides an intuitive drag-and-drop interface to map document workflows based on your specific needs. Its seamless integrations with popular workplace tools give you immense flexibility.Â
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Follow these steps to build an automated document workflow with Kudra:
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1. Identify key phases Â
Map out the typical lifecycle of a document in your organization – from creation to final archival or destruction. Define the key stages and stakeholders involved in each phase.Â
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For example, the core stages in a contract workflow are:
- Contract creation Â
- Legal reviewÂ
- Executive approval Â
- Counterparty review
- Contract execution
- Contract storage
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2- Choose appropriate tools
Evaluate which tools teams currently use to create, collaborate, and manage documents. Examples are cloud storage systems like Sharepoint or Dropbox, e-signature platforms like Adobe Sign, and business software like Salesforce.
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Select tools that integrate well with Kudra for different stages of your workflow. This avoids disruptions from switching systems.
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3- Set up the Kudra workflowÂ
Leverage Kudra’s flexible workflow builder to model the document process and integrate the tools needed at each stage. Â
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You can set up review and approval cycles, specify document access permissions and restrictions for different parties, and configure automated data extraction using Kudra’s AI engine.
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4- Test and refine
Once the workflow is ready, run tests to catch any gaps. Check if the handoffs between stages happen smoothly. Gather user feedback to fix pain points and fine-tune the process before full-scale deployment.
Integrations: The Secret Sauce for Seamless Document Workflow
While Kudra’s workflow builder enables modeling complex document processes, its extensive integrations take automation to the next level.
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Out-of-the-box compatibility with popular workplace tools means you can plug Kudra into existing systems instead of starting from scratch. Some ways integrations streamline document management workflows:
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– Initiate approval cycles and assign reviews directly within project management tools like Asana or JiraÂ
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– Upload documents from cloud repositories like Dropbox or OneDrive for automated metadata tagging, OCR and analysis
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– Push extracted information and documents to business systems like Salesforce to update recordsÂ
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– Export data to Excel, Quickbooks and more for downstream reporting and analytics
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– Receive alerts over email and Slack when document reviews are pendingÂ
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– Embed Kudra review links directly within other applications Â
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With these capabilities, Kudra workflows provide a smooth, interconnected experience instead of the typical document handoff frustration.
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Now let’s see how Kudra actually automates document processing and extraction. Â
Introducing Kudra: AI-Powered Intelligent Document Processing
Kudra is an award-winning AI platform purpose-built to simplify document-driven business processes. Its intelligent document processing and extraction capabilities create the foundation for scalable, enterprise-grade document workflows.
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Kudra can ingest documents in any format – scanned papers, images, PDFs, Word/Excel files, etc. Its AI engine automatically classifies documents and extracts key information you need using optical character recognition and natural language processing algorithms.
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The platform boasts outstanding accuracy and compatibility with complex document types like financial statements, legal contracts, scientific literature, and more.Â
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Let’s examine some of Kudra’s marquee features:
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• Visually build custom workflowsÂ
Kudra provides an intuitive drag-and-drop workflow builder to ingest, enrich, validate, and route documents for downstream processing. You can build workflows from scratch or use pre-made templates for common use cases.
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• AI-powered data extraction  Â
Leverage Kudra’s AI to automate data capture from tables, invoices, statements, and other structured/unstructured documents without any templates or rules.
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• Multi-format support
Upload images, PDFs, Word documents, Excel sheets and even handwritten notes. Kudra’s AI adapts to data formats and layouts to accurately extract information. Â
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• Train custom AI models
For unique business needs, you can train custom machine learning models on Kudra using your own labeled data. Achieve precision exceeding that of pre-trained models.
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• Seamless third-party connectionsÂ
Thanks to native integrations with apps like Dropbox, google sheet, google drive etc., Kudra fits right into your existing tool stack.
Enrich documents with ChatGPT
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Kudra uniquely allows using ChatGPT to add a layer of reasoning over documents. Summarize contracts, generate descriptions, auto-categorize documents and more with the chatbot.
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With Kudra’s user-friendly and low/no-code platform, anyone can build automated workflows, even without technical expertise. Its flexible pricing plans make it easy for companies of all sizes to get started. Â
Use Case: Automated Document Workflow for Legal Teams
Manual contract reviews and approvals delay deal progress, increase legal risks, and frustrate clients. For legal teams, implementing contract lifecycle management (CLM) is critical. Â
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Kudra offers AI-powered CLM to automate contract generation, analysis, reviews, approval, and post-execution processing.
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Lawyers can upload existing templates from Microsoft Word or Google Docs to instantly create contracts with accurate names, addresses, dates, and more. The built-in e-signature support also accelerates execution.
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To analyze new contracts received from external parties, Kudra extracts key information like contract duration, terms, limits of liability, etc. using AI. This provides visibility into contractual risks and obligations at a glance. But How to automate data extraction from contracts?
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For approvals, contract review links are shared directly within tools like Slack or Teams for faster signoffs. Email alerts notify reviewers when their sign-off is pending.Â
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Post-execution, Kudra indexes contracts and extracts metadata like parties, dates, and amounts. This data seamlessly feeds downstream systems like document management tools and billing software. Are you curious to know more use cases? Check out The Complete Guide to Automated Data Extraction
